DOVER — Nickolas Skaltsis has been released from the New Hampshire State Hospital and is currently being held at the Strafford County House of Corrections.

According to James Boffetti, Senior Assistant Attorney General for Consumer Protection, Skaltsis was released Monday from the hospital. He has been a patient there since attempting suicide in October of 2012.

Skaltsis was charged in January of this year with 19 felony counts of operating a Ponzi scheme.

His bail was set at $300,000 personal recognizance, but was set to be converted to $300,000 cash only once released from the hospital.

According to Boffetti, bail was converted Monday when he left the hospital.

Skaltsis owes more than $325,000 to local residents who invested in his real estate management company, who were told their money would be used to acquire, rehabilitate and manage properties in Strafford County.

Boffetti and court documents state Skaltsis does not have enough money to post bail, but if he can come up with $300,000, he can be released back into the community.

On Thursday, Skaltsis will be in Strafford County Superior Court for a bail hearing.

A transport order was filed in court for Skaltsis, requesting he be transferred from his current location to the court for his 1 p.m. hearing on May 2 and then returned, unless otherwise ordered.

In January, when Skaltsis’ bail was set, he did not have “the benefit of counsel,” according to Bofetti.

While the state does not object to a hearing since Skaltsis now has legal counsel, they do not wish to reduce his bail.

Boffetti told Foster’s last week the reason for the hearing is because Skaltsis’ public defender, Carl Swenson, is looking to lower the bail so Skaltsis can be released.

Boffetti said Swenson has been “very cooperative.” He said they have sent Swenson 4,000 pages of paperwork on the case.

“The court will ultimately decide what the appropriate amount of bail is,” Boffetti said, adding they do have concerns about Skaltsis.

The motion for the bail hearing states Skaltsis is requesting the hearing to update the court on his health status, discharge plan and to amend his bail conditions.

According to the Attorney General’s office, Skaltsis is more than $1.2 million in debt. His wife, Lorraine Skaltsis, is currently in bankruptcy court hearings and court documents say she owes almost $2 million in liabilities. Court documents also indicate they both have no income at this time.

According to court documents signed by Boffetti, “The State asserted in its prior bail argument to the Rochester Circuit Court (in January) that the defendant is a flight risk and poses a danger to himself…”